Two Indian oil PSUs place orders for Iranian crude

USA sanctions will target Iran's crude oil exports from November 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.

In May, U.S. PresidentDonald Trump pulled Washington out of the 2015 worldwide deal on Tehran's nuclear program and vowed to restore sanctions on Iran's oil exports on November 4.

One major buyer India has ordered oil from Iran for November though the India government said it did not know yet if it would receive a waiver. Speaking on the same, the Union Minister said, "Two days ago, two of our companies made nominations to purchase Iranian oil in November". "The question is, has the waiver been granted or not". "We do not know if we will get waiver (from USA sanctions) or not".

The U.S. embassy did not respond to requests for a response to the Minister's statement. For 2018/19, the real economic growth was expected to moderate, but still, the International Monetary Fund expected Iran's economy to grow by 4 percent in 2018/19, forecasting stable oil production in line with the OPEC cap on Iran's production.

Iran has also other options: closing oil wells and storing oil overseas.

A vessel carrying 2 million barrels of Iranian oil discharged the crude into a bonded storage tank at the port of Dalian in northeast China on Monday, according to Refinitiv Eikon data and a shipping agent with knowledge of the matter.

The sanctions are being reimposed as a result of Trump's decision to withdraw the United States from Iran's 2015 nuclear deal with world powers, which had lifted sanctions in exchange for curbs on Iran's nuclear activities.

UCO Bank and IDBI Bank have been identified to route the payment as the two have no exposure to the USA financial system.

In hopes of preventing Tehran from moving forward with its nuclear program, European officials have been working to protect Iranian oil sales from USA sanctions.

In the calls by Bolton, Kushner and Pompeo, she said, "they asked for more details and for the Saudi government to be transparent in the investigation process". The early October figures add to signs, however, that Iranian exports are falling more steeply than expected, stretching the ability of Saudi Arabia, non-OPEC Russia and other producers to fill the gap.

Saudi Arabia remained silent at the accusation as the images were seen around the world, raising pressure on the kingdom to explain what happened to the writer, a critic of Saudi Crown Prince Mohammed bin Salman. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it. In the following year, the Iranian supplies jumped to 27.2 MT to catapult it to the third spot.

Beard added that US infrastructure limitations would limit USA crude exports that could otherwise compensate and new refining capacity coming online in 2019 would add further tightness. Under this, bans have been imposed on Iran, South Korea and Russian Federation.

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